Starting and running your own business is no easy task. However, tens of millions of Americans are doing just that.
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North One reported that as of this year, there are over 31 million entrepreneurs in the U.S. While being an entrepreneur is a big undertaking, you’ll need to implement the right business tools and tactics to grow a successful business venture characterized by longevity and growth.
If you’re one of the 31 million entrepreneurs across the country, here are two overrated business tools to avoid and four that will make you money, according to financial guru Ramit Sethi.
Overrated
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Sethi explained that it’s important not to “over-focus on technology.” In reality, not everything has to scale, especially as you’re starting just out with your business. Focus on delivering value to your customers above all else.
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Advanced segmentation
Sethi goes on to say that “segmentation and purchase attribution can be deep, dark holes that are hard to escape.” The reality is that everything doesn’t need to be about segmentation. It can be difficult to know if you’re getting any benefit from advanced segmentation, especially at the onset. He says it’s better not to focus on segmentation until you have a large client base.
Instead of these two overrated tools, Sethi says to focus on the following four underrated tools to achieve financial success.
Underrated
Real customer feedback
Taking real customer feedback into consideration can help you understand your audience. If you learn what they truly think about your business, you can make improvements and adjustments along the way that add value for your customer base. Keeping your customers happy can mean the difference between one-time customers and long-term client retention.
A community of other like-minded entrepreneurs
Networking and building solid relationships with other business owners is a smart way to get motivated, receive relevant feedback on your work, and also help other entrepreneurs in your field. You can learn a lot from others that can ultimately improve your business, potentially leading to more growth and more profit in the long term.
The right audience
Focusing on and choosing the right audience is crucial to the success of your business (and your bottom line). Be sure to choose a customer base that you enjoy working with, but that isn’t cheap either.
New and creative ways to express yourself through your business
Getting creative and finding ways to express yourself through your business can make you stand out from the competition. Whether it’s starting a podcast, hosting webinars, or staying active on social media, figure out how best to reach your target audience and never shy away from trying new things to boost your business. Sometimes, differentiation can help you stand out and do better than your competitors.
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This article originally appeared on GOBankingRates.com: 2 Overrated Business Tools, According to Ramit Sethi — And 4 That Will Actually Make You Money
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